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Stellantis N.V. (NYSE: STLA) and Archer Aviation Inc. (NYSE: ACHR), a leader in electric vertical takeoff and landing (eVTOL) aircraft, today announced Archer has received an additional $55 million investment from Stellantis under the companies’ strategic funding agreement following the achievement of its transition flight test milestone last month. This investment builds on Stellantis’ series of open market purchases of 8.3 million shares of Archer’s stock in March of this year that was previously announced. During 2023, Stellantis invested $110 million in Archer through a combination of open market stock purchases and investments under the companies’ strategic funding agreement. Stellantis previously increased its strategic shareholding of Archer through a series of purchases of Archer stock in the open market on 19 June 2023. (AutoInformed: Paris Air Show – Stellantis and Archer to Debut eVTOL Aircraft)*
“Few things rival the excitement of seeing a dream take flight. I applaud the innovation, expertise and hard work of the engineering and manufacturing teams from Stellantis and Archer,” said Carlos Tavares, Stellantis CEO. “With this additional investment in Archer, we remain on course for a future where freedom of mobility extends beyond today’s roads.”
The eVTOL plane to be mass assembled in Georgia, called Midnight, is said to be safe, sustainable, quiet with an expected payload of more than 1000 pounds. It can carry four passengers plus a pilot. With a range of 100 miles, Midnight is meant for back-to-back short distance trips of around 20 miles, with a charging time of approximately 10 minutes in-between. All this of course is dependent on The Federal Aviation Administration issuing a type certificate and approving other air worthiness requirements including pilot training, flight procedures and operating limitations. Stellantis will make Archer’s eVTOL aircraft as its exclusive contract manufacturer.
Archer said it remains on track to complete construction of its high-volume manufacturing facility in Georgia later this year. “This first phase of the build out is a ~350,000 square foot facility on an ~100 acre site designed to support production of up to 650 aircraft annually, which would make it one of the largest manufacturing facilities by volume in the aircraft industry. Archer’s goal with this facility remains to establish a factory that can support its planned commercial ramp up by leveraging the expertise of Stellantis as its contract manufacturer,” Archer said.
“The commitment by Stellantis to Archer has been unrivaled, from its foresight to provide the manufacturing expertise and capital needed to accelerate Archer’s business objectives, to the strategic vision and steadfast support from Stellantis CEO Carlos Tavares,” said Archer CEO, Adam Goldstein. “Together, we’re working to redefine urban transportation, opening new worlds of opportunity for citizens across the globe by providing more efficient access to people, places, and events across the regions they live in.”
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Stellantis Adds Another $55 Million to Archer Aviation
Click for more clean mobility.
Stellantis N.V. (NYSE: STLA) and Archer Aviation Inc. (NYSE: ACHR), a leader in electric vertical takeoff and landing (eVTOL) aircraft, today announced Archer has received an additional $55 million investment from Stellantis under the companies’ strategic funding agreement following the achievement of its transition flight test milestone last month. This investment builds on Stellantis’ series of open market purchases of 8.3 million shares of Archer’s stock in March of this year that was previously announced. During 2023, Stellantis invested $110 million in Archer through a combination of open market stock purchases and investments under the companies’ strategic funding agreement. Stellantis previously increased its strategic shareholding of Archer through a series of purchases of Archer stock in the open market on 19 June 2023. (AutoInformed: Paris Air Show – Stellantis and Archer to Debut eVTOL Aircraft)*
“Few things rival the excitement of seeing a dream take flight. I applaud the innovation, expertise and hard work of the engineering and manufacturing teams from Stellantis and Archer,” said Carlos Tavares, Stellantis CEO. “With this additional investment in Archer, we remain on course for a future where freedom of mobility extends beyond today’s roads.”
The eVTOL plane to be mass assembled in Georgia, called Midnight, is said to be safe, sustainable, quiet with an expected payload of more than 1000 pounds. It can carry four passengers plus a pilot. With a range of 100 miles, Midnight is meant for back-to-back short distance trips of around 20 miles, with a charging time of approximately 10 minutes in-between. All this of course is dependent on The Federal Aviation Administration issuing a type certificate and approving other air worthiness requirements including pilot training, flight procedures and operating limitations. Stellantis will make Archer’s eVTOL aircraft as its exclusive contract manufacturer.
Archer said it remains on track to complete construction of its high-volume manufacturing facility in Georgia later this year. “This first phase of the build out is a ~350,000 square foot facility on an ~100 acre site designed to support production of up to 650 aircraft annually, which would make it one of the largest manufacturing facilities by volume in the aircraft industry. Archer’s goal with this facility remains to establish a factory that can support its planned commercial ramp up by leveraging the expertise of Stellantis as its contract manufacturer,” Archer said.
“The commitment by Stellantis to Archer has been unrivaled, from its foresight to provide the manufacturing expertise and capital needed to accelerate Archer’s business objectives, to the strategic vision and steadfast support from Stellantis CEO Carlos Tavares,” said Archer CEO, Adam Goldstein. “Together, we’re working to redefine urban transportation, opening new worlds of opportunity for citizens across the globe by providing more efficient access to people, places, and events across the regions they live in.”
*AutoInformed on